Spanish Housing Markets Finds Buyer Confidence Returning
Despite a general improvement in the global economy, with many markets showing gains, the Spanish housing market hasn't been so lucky. With consistent dips in residential housing since the 2006 and 2007 decline, a slow in the fall has turned the market around. Improvements are taking effect and international buyers are entering the market again. Spain's residential housing market is seeing some positive change.
Buyers are gaining confidence in the Spanish housing market again, as luxury is seeing encouraging numbers from international buyers. Prime markets in the Spanish real estate landscape are posting improvements after several areas saw as much as a fifty percent decline in values.
Spanish lawmakers passed a law granting residency to non-European Union nationals upon the purchase of over €500,000 in Spanish property. This action has seen a slight rise in inquiries from foreign national buyers like Russia, India, China, and the US.
Great buys are available to buyers willing to enter the Spanish housing market, and quality homes in fabulous locations are closing at unbelievable prices. The number of sales has risen in the past year, compared to 2012 and will most likely continue to rise. Market experts are projecting that prices will continue to stay affordable through 2013 and possibly lower in negotiations throughout the next couple of years.
How is buyer confidence in your local real estate market? Are you seeing similar trends? Is Spain an area where you would consider purchasing property?
Please let us know your thoughts or questions in the comment section below.
Photo courtesy of Gabriella Opaz’s Flickr